TeraWulf
Compare TeraWulf…Operator of Lake Mariner (NY) and the nuclear-powered Nautilus (PA) sites. Pivoting incremental capacity to HPC hosting via the Cofounders deal.
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TeraWulfOperator of Lake Mariner (NY) and the nuclear-powered Nautilus (PA) sites. Pivoting incremental capacity to HPC hosting via the Cofounders deal.
| Site / Contract | Location | MW Capacity | Counterparty | Contract Status | |
|---|---|---|---|---|---|
| Lake Mariner (Phase 1) | Somerset NY | 245 MW operational | Self-mining + Cofounders JV hosting | Operational since 2022; expansion underway | |
| Lake Mariner Phase 2 (expansion) | Somerset NY | +300 MW under construction | Self-mining + AI/HPC tenant capacity | Construction; partial energize 2026; full 2027 | |
| Lake Mariner Phase 3 (planned) | Somerset NY | +200 MW planned | AI/HPC tenant capacity (primarily) | Permitting + early construction; energize 2028 | |
| Nautilus Cryofacility | Salem Township PA | 50 MW BTM nuclear | Talen Energy (Susquehanna SSES); self-mining | Operational since 2023; behind-the-meter nuclear power PPA | |
| Cofounders JV (Core42 + others) | Lake Mariner adjacent | 100 MW initial AI/HPC tenancy | Cofounders JV with Core42 (G42 subsidiary) | Operational tenant ramping 2025-2026 | |
| Total operational + contracted capacity | Multi-site | ~395 MW operational + ~500 MW under construction + ~200 MW planned | Mix of self-mining + tenant hosting + AI/HPC | Trajectory toward 1+ GW total | |
| Editorial. Why this matters | Strategic context | Nautilus is the only nuclear-powered Bitcoin mining facility in the US + a structural cost advantage (~$0.025/kWh PPA terms vs ERCOT spot ~$0.04-0.08/kWh). The Cofounders JV is the marquee HPC partnership. Marquee question: does Lake Mariner Phase 2 + 3 + Nautilus + Cofounders combined scale to 1+ GW total capacity by FY2028 + does WULF cross $400M+ annual hosting + mining revenue by FY2027? |
2017-Q4-2022-Q3
2008-2025
$WULF
Operates Lake Mariner (NY) and the nuclear-powered Nautilus (PA) sites. Pivoting incremental capacity to HPC hosting via the Cofounders deal.